1. What is the difference between a level term insurance and a decreasing term insurance?
    If you take out a level term insurance, the premium as well as the face value remain the same over a predetermined period of time. Whereas in the case of a decreasing term Life Insurance, the amount of death benefit decreases at a fixed rate over the duration of the policy.
  2. What is critical illness cover?
    The general idea behind critical illness cover is that if the policyholder is diagnosed with a critical illness, they receive a lump sum payment. Critical illness cover can be a standalone policy or it may be combined with your existing Life Insurance.
  3. What factors affect the amount of my insurance premium?
    Your insurance premium rate varies depending on your income. An important aspect to consider is your family and how much money they'll need should the worst happen. You should also take into account your children's education and all your financial commitments. What insurance companies look at while fixing your premium is your health and condition.
  4. Who needs Life Insurance?
    It is highly advisable to take out Life Insurance if you have family and you want to make sure their standard of living doesn't deteriorate if you die. You should also consider taking out Life Insurance if you have debts, especially if you have a cosigner on a mortgage or other loan.
  5. When should I buy my Life Insurance?
    To a large extent, this is an individual matter and it depends on your personal circumstances. However, if you decide to take out Life Insurance when you are relatively young and healthy, you are likely to take advantage of low premium rates.

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